https://www.taxtmi.com/caselaws?id=250474 The High Court ruled in favor of the respondent-assessee, holding that the redemption fine paid to Customs authorities was an allowable expenditure under Section 37 of the Income Tax Act. The Court found that the respondent acted in good faith and had not incurred the expenditure for a prohibited purpose, ultimately dismissing the Revenue's appeal. en-us Thu, 07 Aug 2014 00:00:00 +0530 Thu, 14 Aug 2014 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250474 The High Court ruled in favor of the respondent-assessee, holding that the redemption fine paid to Customs authorities was an allowable expenditure under Section 37 of the Income Tax Act. The Court found that the respondent acted in good faith and had not incurred the expenditure for a prohibited purpose, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 07 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250474